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Market Update

Wall Street Indexes Drop 2.5% on Rate Jitters and N. Korea Missile Test


Author: Mukesh Buch
ticker.com
Last Update: 6:36 PM ET September 09 2016

2:00 PM New York AEP Industries net and revenues dropped. Apigee agreed to be acquired by Alphabet for $625 million. Brady net swung to profit. Kroger net plunged 12% but revenues jumped. MasterCard sued for legal claim in U.K. for $18.7 billion on excessive swipe fees. Mattress Firm net swung to a loss.

Stock market indexes on Wall Street fell sharply on the rising rate jitters worries and the lack of new action from the European Central Bank.

Tollbooth Index dropped 131.61 or 1.2% to 10,895.17.

Earnings Review

AEP Industries Inc. (AEPI) slipped 1.1% or $1.24 to $108.82 after the plastic packaging films maker said revenues in the third-quarter ending in July dropped 6% from a year ago to $283.7 million.

Net income in the quarter dropped 4.5% to $6.3 million or $1.22 per diluted share compared to the $6.6 million or $1.28 per share from the same quarter last year.

Apigee Corp (APIC) edged up 1 cent to $17.42 after the cloud software provider agreed to be acquired by Alphabet Inc for $17.40 per share or about $625 million in cash.

Brady Corporation (BRD) surged 7.1% or $2.35 to $35.32 after the safety products maker reported net sales in the fourth-quarter ending in July fell 2.3% from a year ago to $282.1 million.

Net in the quarter swung to profit $25.1 million or 49 cents per diluted share compared to the net loss of $39.4 million or 77 cents per share from the same quarter last year.

The Kroger Co (KR) rose 15 cents to $31.46 after the food and drug stores retailer reported total sales in the second-quarter ending on August 13 jumped 4% from a year ago to $26.6 billion.

Net income in the quarter plunged 11.5% to $383 million or 40 cents per diluted share compared to the $433 million or 44 cents per share from the same quarter last year.

Mastercard Inc (MA) declined 1.8% or $1.85 to $95.15, the electronic payment processor was sued by the U.K. consumer watchdog for 14 billion or $18.72 billion for allegedly charging excessive interbank fees between 1992 and 2008.

The case was brought by the former chief financial services ombudsman Walter Merricks, according to the court documents filed at the Competition Appeal Tribunal in London.

Mastercard faced similar charges in the European Court which ultimately forced the company to lower interbank charges for international customers from 1% to 0.2% for debit and 0.3% for credit card charges.

Mattress Firm Holding Corp (MFRM), the mattresses retailer reported net sales in the second-quarter ending on August 2 soared 48.2% from a year ago to $980 million.

Comparable store sales in the quarter decreased 1.1%

Net in the quarter swung to a loss of $2.2 million or 6 cents per diluted share compared to the profit of $21.9 million or 61 cents per share from the same quarter last year.

Restoration Hardware Holdings Inc (RH) jumped 7.7% or $2.69 to $37.97 after the home furnishings retailer stated net revenues in the second-quarter ending in July advanced 7% from a year ago to $543.4 million.

Comparable store sales in the quarter dropped 3% and stores revenues surged 15% to $309.8 million while direct revenues declined 2% to $233.6 million.

Net income in the quarter tumbled 76.9% to $6.9 million or 17 cents per diluted share compared to the $29.9 million or 71 cents per share from the same quarter last year.

Zumiez Inc (ZUMZ) soared 8.5% or $1.42 to $18.03 after the specialty retailer said total net sales in the second-quarter ending in July fell 0.9% from a year ago to $178.3 million.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc